Dramatic Surge for THORChain
After witnessing a period of devaluation since April 2022, THORChain (RUNE) showcases a remarkable recovery with a 48% rise over the past week, establishing its position at a pivotal $1.42 mark on Aug. 13.
Social Volume Powers the Price Rise
Data sourced from Santiment reveals the underlying force behind THORChain’s price upswing. RUNE’s social volume saw an astronomical rise of 4,300% from Aug. 7 to Aug. 13. This unprecedented increase in social chatter steered significant attention to the cross-chain liquidity protocol.
Spike in Positive Investor Sentiment
Encouragingly, the investor sentiment surrounding THORChain ballooned by 6,100% during the same period. This surge in positivity prompted a swell in the asset’s trading volume, enticing more investors to hop on board.
24-Hour Review: The Highs and Lows
While the past week has been noteworthy for RUNE, the last 24 hours narrate a different tale. Despite reaching the $1.34 mark, both RUNE’s social volume and positive sentiment took a sharp nosedive. However, at the time of writing, RUNE stands tall with a 5.5% increase, priced at $1.39.
According to CoinMarketCap, RUNE observed a 30% boost in its 24-hour trading volume, summing up to $150 million. Interestingly, RUNE’s one-day price volatility experienced a 30% decline even as its price remains at a 15-week pinnacle, notably with reduced whale activity.
Strategic Partnerships: A Look Back at April
Rewinding to April, THORChain forged an alliance with the Web3 enterprise Unizen, presenting users with the ability to swap their Ethereum (ETH) and AVAX for Bitcoin (BTC). Moreover, this partnership also facilitated users to house assets across diverse chains.
Conclusion: A Promising Path Forward for THORChain
Despite its previous setbacks, THORChain’s recent upswing exhibits the potential and resilience of the cryptocurrency. With strategic partnerships like the one with Unizen and its ability to attract significant social volume and positive investor sentiment, RUNE appears to be carving a path of promise. While the market’s volatility is always a given, THORChain’s adaptability and growth potential might just make it a focal point for investors in the forthcoming months.
